The three approaches that couldbeused to determine the estimated price of VAS are the Income Approach, Market Approach
and Cost-based Approach. Although many pricing methods are used in practice, all such methods may be classified as variations ofoneof the three approaches.

Market Approach:

The approach estimates pricing based upon market prices in
actual transactions adjusted for differences as between the pricing subject and comparable properties. Such measures are appropriate in liquid markets, with homogeneous assets and where
substantial information is available.

Income Approach

The approach bases pricing on the estimated future cash
flows which the assets generate over their remaining useful life. It is more appropriate in illiquid markets, where the assets are heterogeneous and there is little information on completed
transactions.

Cost-based Approach

The general principle behind the Cost-based Approach is that
the pricing of an enterprise is equivalenttothe pricing of its individual assets net of its liabilities.
It must be recognized that while this basis may form an acceptable basis to be used in share pricing in circumstances which for various reasons preclude the use of other bases, the pricing so may
not necessarily reflect the eventual worth of the shares toaprospective buyer or seller. For example,
it may not properly reflect the earnings potential of the company.

Market Approach -GPCM and GTM:

When applied to pricing an interest in a business, the market
approach includes consideration of the financial condition and the historical and expected operating performance of the company being priced relative to those of publicly traded companies or to
those of companies acquired in a single transaction that:

(1) operate in the same or similar lines of business

(2) are potentially subject to corresponding economic,
environmental, and political factors; and

(3) could reasonably be considered investment
alternatives.

These two methods are further described as follows:

In the application of the market approach, we have used the GPCM and GTM.

GPCM:

This method employs market multiples derived from market prices of stocks of companies that are engaged in the same or similar lines
of business and that are actively traded on a free and open market. The application of the selected multiples to the corresponding measure of financial performance for the subject company
produces estimates of pricing at the marketable-minority level.

GTM:

Also referred to as the "transaction method" or "merger and acquisition method", this method relies on pricing multiples derived from
transactions of significant interests in companies engaged in the same or similar lines of business. The application of the selected multiples to the corresponding measure of financial
performance for the subject company produces estimates of pricing at the marketable control level.

Pricing multiples applied:

In developing our analysis, we computed pricing multiples based on the relationships between:

GPCM: the market pricings of the Guideline Public Companies as of the Estimation Date and various measures of their financial
performance. For each Comparable Company, we analyzed pricing multiples as at the Estimation Date based on publicly available data from Capital IQ as well as from our internal analysis.

GTM: transacted values of the Guideline Transactions and various measures of their respective target's financial performance. For
each Comparable Transaction, we extracted pricing multiples from Merger market.

Given the business and nature of the VAS and the information collected for the Guideline Public Companies and Guideline Transactions,
we considered the following pricing multiples tobemost
applicable for our analysis:

DCF method in estimating the pricing of a business or business interest, the most common measure of economic benefitisnet cash flow, also referred to as "free cash flow".

Net cash flow can be the free cash flow to equity holders or to all long-term stakeholders of the company. The
free cash flow to equity holders ("FCFE”)represents an income measure reduced for required payments to debt holders (i.e., interest and principal) and increased for any additions
to debt principal. The free cash flow to all long-term stakeholders, or free cash flow to the firm(“FCFF"),represents an income measure before payments to any capital holders, whether debt or equity. FCFF
does not reflect interest expense on debt or changes in debt principal, and income taxes are calculated on earnings before interest charges. For the purposes of this pricing we have opted to use
FCFF.

The income stream that is used in valuing an interest in a business will
determine whether the method yields an estimate of a minority level or control level of pricing. If the income stream reflects income available to a minority shareholder, then a minority price
estimate would result. If the income stream reflects the economic benefits of control, then a control level price estimate would result.

The DCF method relies upon different rates at which to discount the income
stream. The discount rate is a rate of return used to convert a future monetary sum into present value. The discount rateisalso referred to as the "required rate of return" or "cost of capital."

The discount rate represents the estimated cost of the capital generating
the income stream. FCFE is typically discounted using an equity discount rate, which can be quantified using the build-up method, the Capital Asset Pricing Model ("CAPM"), or other methods. FCFF
is typically discounted using the weighted average cost of capital ("WACC").

The CAPM is a model in which the cost of capital for any stock or portfolio of stocks equals
a risk-free rate plus a risk premium that is proportionate to the systematic risk of the stock or portfolio.

The WACC is the cost of capital (discount rate) determined by the weighted average, at market
value, of the cost of all financing sources in the business enterprise's capital structure.

When using an income approach to price an interest in a business,itis essential not only to clearly define the income stream representing the anticipated economic
benefits, but also to use the discount or capitalization rate appropriate for that defined stream.

WACC represents investor's expected return to fund the assets of an
enterprise. WACC is computed by summing the cost of each capital component multiplied by its proportional weight.

Generally an enterprise is funded by debt and equity. Hence, we can
calculate WACC using following formula:

WACC=(E/ C)*Cost of equity+ (D /C)*(1-tax rate)* Cost of debt

C= Debt +Equity E= Equity D= Debt

Cost ofequity

・The required rate of returnon equitycapital is determined using theCAPM.

CAPM computes the required rate of return on equityas afunction of the rate of return on a risk-free investment, plus an equity risk premium (the return
stockholders expect above the return on a risk-free investment), multiplied by the "beta" for the investment.

Beta measures the relationship between the price movements of ownership
participants for individual companies to price movement of a fully diversified stock portfolio.

Risk associated with the asset (non-diversifiable or systematic risk) is
measured by Beta coefficient. It can also be defined as the sensitivity of the asset returns to market returns. It is estimated by regressing the asset's excess return against the market
portfolio's excess return. The slope of the regression equation is beta. As a proxy we have considered the median unlevered beta of listed peer group.

A beta greater than 1.0 indicates that the security is more volatile and
riskier than the broad market. For example, a beta of 1.1 indicates a 1.1%movement in the security for a 1.0% movement in the
index, regardless of the direction. We used the adjusted beta which is an estimate of a security's future beta.Itassumes a security's beta moves towards the market average over time. Peer beta for the historical
period of two year-period from the Estimation Dateisextracted from CapitalIQ.Such beta is then adjusted to reflect the difference in effective tax rate and capital structure of
the peer company. The resultant beta is called "unlevered beta".

Such unleveredbetais again adjusted for the capital structure and applicable tax rate. The following formula is used
to adjust for the difference in the capital structure and tax rate.